GE Energy lands $700M deal

GE Energy has signed agreements worth more than $700 million to supply Renewable Energy Systems Inc. with more than 300 wind turbines.

GE Energy, which has an operation in Schenectady, is selling Renewable Energy Systems, based in Austin, Texas, nearly 500 megawatts of new wind energy capacity for projects starting in 2009 and 2010. GE Energy is making 1.5mw wind turbines for the projects. The company has installed 8,000 of the turbines globally. Since 2004, GE (NYSE: GE) has increased its wind turbine production by 500 percent, GE said. Its wind turbine business had more than $4.5 billion in revenue in 2007.

Victor Abate, GE Energy's vice president of renewables, said the company has witnessed an increased interest in wind-generated electricity.